How to find out the rate of inflation for a full year, e.g. 2022

[buffyluv]

The annual rate of inflation is provided monthly, usually with a new figure being given each month. But what if I want to know the average inflation rate for let's say the full year of 2022.

Do i just take the average of all the monthly inflation rate data that was given for each month during 2022 (e.g. Jan, Feb, Mar, and so on through to Dec)?

Is that figure provided somewhere officially?

 

[dworldsgreatest]

@buffyluv It's released monthly, but each release is inflation over the previous 12 months

So the Jan 2023 figure is effectively inflation for the 2022 calendar year - from Jan 2022 to Jan 2023

 

[resjudicata]

@buffyluv You want the annual rate of inflation. This is the change in the value of the inflation index twelve months apart. e.g. from Jan 2022 to Jan 2023 the CPI index increased by 10.1%.

The ONS publish this and a zillion other inflation indices so you don’t have to do any sums. See https://www.ons.gov.uk/economy/inflationandpriceindices/timeseries/d7g7/mm23

You’ll sometimes see annualised rates. This is where they take the index change over three months and multiply it by four (or six months and x2 etc). Multi year periods are usually quoted as annual rates too, e.g they’ll say 3% over three years and mean the index went up by 1.03 x 1.03 x 1.03.